As a seasoned crypto investor, I have seen my fair share of market volatility and price swings. Monday’s sudden drop in BTC to a 6-week low of $62,000 was a stark reminder of the inherent risks that come with investing in this asset class. Last week’s ETF outflows were a worrying sign, and the violent sell-off over the weekend only compounded my concerns.
Over the tranquil weekend, Bitcoin fought to stay above the $64,000 mark. However, the calm gave way on Monday as the cryptocurrency plunged dramatically to a six-week low of $62,000.
As a researcher studying the cryptocurrency market, I’ve observed a downturn in the performance of altcoins recently. Specifically, Solana (SOL), Shiba Inu (SHIB), Uniswap (UNI), and Bitcoin Cash (BCH) have experienced daily declines of over 5%.
BTC Falls to $62K
Last week took a turn for the worse for Bitcoin, the leading cryptocurrency, due to substantial outflows from ETFs. The value of the underlying asset plummeted from a weekly high of over $67,000 to a multi-week low of $63,500 by Friday. The decline was more pronounced compared to the previous week, as Bitcoin had previously reached $70,000 on several occasions.
Over the weekend, the cryptocurrency market was predicted to be calm. By Sunday, the digital currency had climbed above the $64,000 mark after picking up momentum towards the end of Friday. Yet, on Monday, the bears took charge, as previously anticipated.
Within just a few hours, the largest digital asset experienced a significant drop of almost $3,000, reaching a new low of $62,100 for the first time since May 15. Although it has rebounded by approximately $700 since then, bitcoin remains 2.3% below its daily opening price. Furthermore, Bitcoin is currently trading 5% lower than its value from last week.
The value represented by the stock market’s holdings of that company has dropped by a staggering $1.240 trillion. However, there’s a silver lining: its market dominance has grown, now standing at an impressive 51.6%.
Red Among Alts
When Bitcoin experiences sharp declines, it’s common for other cryptocurrencies, such as Ethereum, BNB, DOGE, TON, ADA, AVAX, and LINK, to follow suit. Today, Ethereum dropped by 3% to a price below $3,340, while BNB also saw a 3% decrease to land at $575.
As a crypto investor, I’ve experienced some disheartening losses recently. The larger-altcoins like SOL, SHIB, UNI, and BCH have taken a hit, with declines around 6-8%. The meme coin sector, unfortunately, is faring even worse. Coins such as PEPE, FLOKI, and BRETT have seen double-digit percentage drops.
The total value of all cryptocurrencies combined has decreased by approximately $70 billion within the past day, bringing the current market capitalization to roughly $2.3 trillion on CoinGecko.
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- ZETA PREDICTION. ZETA cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- REF PREDICTION. REF cryptocurrency
- ADP PREDICTION. ADP cryptocurrency
- KAS PREDICTION. KAS cryptocurrency
- MCB PREDICTION. MCB cryptocurrency
2024-06-24 12:04